Interactive Tutorials

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Adalbert Mayer, Washington College

"This interactive simulation visualizes the welfare implications of different approaches to connect buyers and sellers of a good. The user can act as a perfectly informed social planner, as a partially informed social planner, or she can elicit bids/ask offers from simulated agents in a double auction setting. The resulting allocations with the implied consumer and producer surpluses are visualized. The user experiences the informational demands that a social planner faces, and she observes the ability of a price system to allocate scarce resources when information is largely private, even if individual market participants are not sophisticated." - description quoted from The Journal of Economic Education, v46 n4 DOI: 10.1080/00220485.2015.1071215


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